Press Release

2016 Sales of $6.8 Billion, Net Income of $486 Million and Reported
EPS of $2.46

2016 Adjusted EPS of $2.66 and Adjusted EBITDA of $1.16 Billion, or
17.1% of Net Sales, including unfavorable currency translation of
$0.11 per share and $35 million, respectively

Provides Full Year 2017 Outlook

Pursuing Tax-Free Spin-Off and Other Strategic Alternatives, Including
Potential Sale of New Diversey

CHARLOTTE, N.C.--(BUSINESS WIRE)--Feb. 9, 2017--
Sealed Air Corporation (NYSE:SEE) today announced financial results for
fourth quarter and full year 2016. Commenting on these results, Jerome
A. Peribere, President and Chief Executive Officer, said, "In 2016, we
generated a record level of cash flow, delivered margin improvement for
the fifth consecutive year and introduced an unprecedented number of new
and innovative solutions to our customers around the world. These
innovations coupled with end-market growth opportunities lead to
increased demand for our protein packaging, hygiene and e-Commerce
solutions. Similar to our third quarter, these positive trends were
offset by unfavorable currency, challenging business environments in
emerging countries and Australia, and softness in the industrial market.
We are confident the underlying fundamentals of our strategy are intact
and expect accelerated top line growth and profitability improvements in
2017."

Peribere continued, "As we proceed with our plans to pursue a tax-free
spin-off of our Diversey Care and related food hygiene and cleaning
business, or ‘New Diversey,' we are also exploring other strategic
alternatives, including a potential sale of New Diversey. This is the
appropriate next step in our Company's transformation and will enable us
to unlock meaningful value for customers and shareholders."

Unless otherwise stated, all results compare fourth quarter 2016 results
to fourth quarter 2015 results. Year-over-year financial discussions
present operating results as reported, and on an organic or constant
dollar basis. Constant dollar refers to unit volume and price/mix
performance and excludes the impact of currency translation from all
periods referenced. Organic refers to unit volume and price/mix
performance and excludes the impact of currency translation and the
results from the divestiture of the North American foam trays and
absorbent pads business, which was divested on April 1, 2015, and the
divestiture of the European food trays business on November 1, 2015
(together "divestitures"), from all periods referenced. Additionally,
non-U.S. GAAP adjusted financial measures, such as Adjusted Earnings
Before Interest Expense, Taxes, Depreciation and Amortization ("Adjusted
EBITDA"), Adjusted Net Earnings, Adjusted Diluted Earnings Per Share
("Adjusted EPS") and Adjusted Tax Rate, exclude the impact of certain
specified items ("Special Items"), such as restructuring charges,
charges related to ceasing operations in Venezuela, cash-settled stock
appreciation rights ("SARs") granted as part of the Diversey
acquisition, special tax items ("Tax Special Items") and certain other
infrequent or one-time items. Please refer to the financial statements
included with this press release for a reconciliation of U.S. GAAP to
Non-U.S. GAAP financial measures.

Fourth Quarter 2016 Highlights by Division

Food Care net sales of $841 million were flat as reported. Currency
had a negative impact on Food Care net sales of 2.3%, or $20 million,
and divestitures had a negative impact of 0.6%, or $5 million. On an
organic basis, net sales increased 2.7% due to positive volume of 2.0%
and favorable price/mix of 0.7%. Volume growth of more than 5% in
North America and positive trends in EMEA were partially offset by
weakness in Latin America and Australia. Adjusted EBITDA of $178
million was attributable to favorable price/cost spread, positive
volumes, restructuring savings and lower operating expenses, which
were partially offset by unfavorable currency translation and
divestitures. Adjusted EBITDA margins of 21.2% expanded 250 basis
points compared to last year.

Diversey Care net sales of $493 million decreased 0.4% as reported and
increased 2.8% on a constant dollar basis. Currency had a negative
impact on Diversey Care net sales of 3.2%, or $16 million in the
quarter. Price/mix and volume increased 2.4% and 0.4% respectively.
Volume growth of 7% in Asia-Pacific and 3% in North America were
offset by lower volumes in the Middle East and Latin America. Diversey
Care's Adjusted EBITDA was $64 million or 13.0% of net sales. Adjusted
EBITDA margins improved 180 basis points compared to the fourth
quarter 2015 as a result of favorable price/cost spread and
restructuring savings, which were offset by higher operating expenses.

Product Care net sales of $394 million decreased 1.7% as reported and
0.5% on a constant dollar basis. Currency had a negative impact on
Product Care net sales of 1.2%, or $5 million. Sales volume increased
1.5%, which was offset by unfavorable price/mix of 2.0%. North America
volumes were up more than 3% as a result of continued strength in
e-Commerce offset by rationalization efforts, ongoing softness in the
industrial market and unfavorable price/mix. Adjusted EBITDA was $88
million or 22.3% of net sales. Adjusted EBITDA margins expanded 80
basis points compared to the same period a year ago due to higher
volumes, which were partially offset by negative price/cost spread.

Company Updates on Separation of New Diversey

In mid-October the Company announced plans to pursue a tax-free spin-off
of New Diversey. As the Company considers that plan, it is also
exploring other strategic alternatives, including a potential sale of
New Diversey.

Fourth Quarter and Full Year 2016 U.S. GAAP
Summary

Fourth quarter net sales of $1.7 billion decreased 0.6% on an as
reported basis. Currency had a negative impact on total net sales of
2.3%, or $40 million, and the Food Care divestitures had a negative
impact on total sales of 0.3%, or $5 million, in the fourth quarter 2016.

For the full year 2016, net sales of $6.8 billion decreased 3.6% on an
as reported basis. Currency had a negative impact on total net sales of
3.4%, or $243 million, and the Food Care divestitures had a negative
impact on total sales of 1.4%, or $102 million, in 2016.

Fourth quarter net income on a reported basis was $171 million, or $0.87
per diluted share as compared to $124 million, or $0.62 per diluted
share in the fourth quarter 2015. Net income in the fourth quarter 2016
was favorably impacted by $22 million of Special Items, primarily
related to the release of certain tax reserves, as described more fully
below, partially offset by costs related to restructuring activities and
costs incurred regarding the pursuit of strategic alternatives for New
Diversey. Net income in the fourth quarter 2015 was negatively impacted
by $28 million of Special Items, primarily consisting of costs related
to restructuring activities and a tax reserve related to the tax refund
received on the Settlement agreement (as defined in our 2015 Annual
Report on Form 10-K), partially offset by the release of certain tax
reserves recorded at the time of the Diversey Holdings, Inc.
acquisition, for which the statute of limitations had expired.

Full year 2016 net income on a reported basis was $486 million, or $2.46
per diluted share as compared to $335 million, or $1.62 per diluted
share for the full year 2015. Net earnings in the full year 2016 were
favorably impacted by $40 million of Special Items, primarily related to
the release of certain tax reserves, as described more fully below,
partially offset by expenses related to restructuring activities and
costs incurred regarding the pursuit of strategic alternatives for New
Diversey. Net income for the full year 2015 included $201 million of
Special Items, primarily consisting of expenses related to restructuring
activities and a tax reserve recorded in relation to the tax refund
received on the Settlement agreement, partially offset by the release of
certain tax reserves recorded at the time of the Diversey Holdings, Inc.
acquisition, for which the statute of limitations had expired.

The effective tax rate in the fourth quarter of 2016 was (8.4)%,
compared to the effective tax rate of 1.8% in the fourth quarter of
2015. The effective tax rate in 2016 was favorably impacted by the
release of certain valuation allowances and tax reserves recorded at the
time of the Diversey Holdings, Inc. acquisition (the "Diversey
acquisition"), primarily resulting from the settlement of an audit, and
a decrease in liability related to future repatriation of foreign
earnings.

For the full year 2016, the effective tax rate was 14.0%, compared to
the effective tax rate of 21.2% in 2015. The effective tax rate was
favorably impacted in 2016 primarily by tax benefits for the release of
certain tax reserves and valuation allowances recorded at the time of
the Diversey acquisition, current year foreign tax credit generation, a
decrease in liability related to future repatriation of foreign
earnings, favorable mix of foreign and US earnings, and a tax benefit
related to the Company's early adoption of ASU 2016-09, effective
January 1, 2016.

Fourth Quarter and Full Year 2016 Non-U.S. GAAP
Summary

In the fourth quarter net sales on an organic basis increased 2.0%
driven by an increase in North American sales volumes across all
segments. Favorable price/mix contributed to organic sales growth,
reflecting positive trends in Diversey Care and Food Care, which offset
declines in Product Care.

For the full year 2016 net sales on an organic basis increased 1.3%
driven by an increase in North American sales volumes primarily in Food
Care and Product Care. Favorable price/mix also contributed to
performance and reflected positive trends in Diversey Care and Food Care
which offset declines in Product Care.

Adjusted EBITDA for the fourth quarter 2016 was $304 million, or 17.5%
of net sales. This margin performance was attributable to a favorable
price/cost spread, restructuring savings and higher sales volumes,
partially offset by higher operating expenses, unfavorable currency
translation and the impact of divestitures.

Full year 2016 Adjusted EBITDA was $1.16 billion, or 17.1% of net sales.
This margin performance was attributable to a favorable price/cost
spread, restructuring savings and higher sales volumes, partially offset
by higher operating expenses, unfavorable currency translation and the
impact of divestitures.

Adjusted EPS was $0.76 for the fourth quarter 2016. This compares to
Adjusted EPS of $0.76 in the fourth quarter 2015. The Adjusted Tax Rate
was 18.4% in the fourth quarter 2016, compared to 7.6% in the fourth
quarter 2015. The Adjusted Tax Rate in the fourth quarter of 2016 was
favorably impacted by an increase in foreign tax credits and decrease in
liability related to future repatriation of foreign earnings.

Full year 2016 adjusted EPS was $2.66. This compares to Adjusted EPS of
$2.59 in 2015. The Adjusted Tax Rate was 21.6% for the full year 2016,
compared to 20.2% in 2015. The 2016 Adjusted Tax Rate was positively
impacted by a favorable mix of domestic versus foreign sourced income,
an increase in foreign tax credits and decrease in liability related to
future repatriation of foreign earnings.

Cash Flow and Net Debt

Cash flow provided by operating activities in 2016 was $907 million,
which is net of $66 million of restructuring payments. This compares
with cash provided by operating activities of $982 million in 2015. Cash
provided by operating activities in 2015 included a tax refund of $235
million related to the payment of funds in connection with the
Settlement agreement (as defined in the Company's Form 10-K for the year
ended December 31, 2015). Excluding the tax refund, cash flow provided
by operating activities in 2015 was $747 million, which is net of $98
million of restructuring and $21 million of SARs payments.

Capital expenditures increased to $276 million, as planned, in the full
year 2016 and compared to $184 million in 2015. Free Cash Flow, defined
as net cash provided by (used in) operating activities (excluding the
Settlement agreement and excess tax benefit) less capital expenditures,
was an inflow of $631 million in 2016. This compares to an inflow of
$609 million in 2015, excluding the tax refund related to the payment of
funds in connection with the Settlement agreement.

Compared to December 31, 2015, the Company's net debt decreased $215
million to $4.0 billion as of December 31, 2016. This decrease in
borrowings primarily resulted from working capital management and cash
generated from operating activities, partially offset by higher capital
expenditures and amounts paid for share repurchases and dividends.

During 2016, the Company repurchased approximately 4.7 million shares
for approximately $217 million, and paid cash dividends of $122 million.
The Company's decision to pursue the separation of New Diversey through
either a tax-free spin-off or other strategic alternatives restricts the
ability to repurchase shares under the current share buyback program.
Once the separation process is concluded, the Company currently intends
to resume share repurchases.

Updated Outlook for Full Year 2017*

The Company estimates net sales to be essentially unchanged with 2016 as
reported results, which assumes an unfavorable impact of approximately
3% from foreign currency translation. Adjusted for unfavorable currency,
net sales in 2017 are expected to increase approximately 2.5%. The
Company's Food Care division and Product Care division are expected to
grow at approximately 3% in constant dollars and Diversey Care is
expected to grow at a constant dollar rate of 1%.

Adjusted EBITDA is estimated to be approximately $1.18 billion, which
assumes approximately $40 million of unfavorable currency translation.
The Company's Food Care division and Product Care division are expected
to deliver Adjusted EBITDA growth and margin expansion as compared with
2016 results. Diversey Care's Adjusted EBITDA margin is expected to be
consistent with 2016 results.

Adjusted EPS is expected to be approximately $2.70 per share, which
assumes approximately $0.14 per share of unfavorable currency
translation. Adjusted EPS guidance excludes the impact of Special Items.
The Company estimates an Adjusted Tax Rate of 23% and 197 million
diluted shares outstanding.

The Company anticipates 2017 Free Cash Flow to be approximately $600
million, including capital expenditures of approximately $185 million
and cash restructuring payments in the range of $85 to $100 million.
Estimated Free Cash Flow for 2017 does not include any material fees
associated with the New Diversey tax free spin-off or other strategic
alternatives, including a possible sale. Costs of the separation of New
Diversey are expected to be managed within existing programs and funds
generated as a result of the separation.

Sealed Air Corporation creates a world that feels, tastes and works
better. In 2016, the Company generated revenue of approximately $6.8
billion by helping our customers achieve their sustainability goals in
the face of today's biggest social and environmental challenges. Our
portfolio of widely recognized brands, including Cryovac® brand food
packaging solutions, Bubble Wrap® brand cushioning and Diversey®
cleaning and hygiene solutions, enables a safer and less wasteful food
supply chain, protects valuable goods shipped around the world, and
improves health through clean environments. Sealed Air has approximately
23,000 employees who serve customers in 171 countries. To learn more,
visit www.sealedair.com.

Website Information

We routinely post important information for investors on our website, www.sealedair.com,
in the "Investor Relations" section. We use this website as a means of
disclosing material, non-public information and for complying with our
disclosure obligations under Regulation FD. Accordingly, investors
should monitor the Investor Relations section of our website, in
addition to following our press releases, SEC filings, public conference
calls, presentations and webcasts. The information contained on, or that
may be accessed through, our website is not incorporated by reference
into, and is not a part of, this document.

Non-U.S. GAAP Information

In this press release and supplement, we have included several non-U.S.
GAAP financial measures, including Adjusted Net Earnings and Adjusted
EPS, net sales on a "constant dollar" or "organic" basis, Free Cash
Flow, Adjusted EBITDA and Adjusted Tax Rate, as our management believes
these measures are useful to investors. We present results and guidance,
adjusted to exclude the effects of Special Items and their related tax
impact that would otherwise be included under U.S. GAAP, to aid in
comparisons with other periods or prior guidance. In addition, non-U.S.
GAAP measures are used by management to review and analyze our operating
performance and, along with other data, as internal measures for setting
annual budgets and forecasts, assessing financial performance, providing
guidance and comparing our financial performance with our peers and may
also be used for purposes of determining incentive compensation. The
non-U.S. GAAP information has limitations as an analytical tool and
should not be considered in isolation from or as a substitute for U.S.
GAAP information. It does not purport to represent any similarly titled
U.S. GAAP information and is not an indicator of our performance under
U.S. GAAP. Non-U.S. GAAP financial measures that we present may not be
comparable with similarly titled measures used by others. Investors are
cautioned against placing undue reliance on these non-U.S. GAAP
measures. For a reconciliation of these non-U.S. GAAP measures to U.S.
GAAP and other important information on our use of non-U.S. GAAP
financial measures, see the attached supplementary information entitled
"Condensed Consolidated Statements of Cash Flows" (under the section
entitled "Non-U.S. GAAP Free Cash Flow"), "Reconciliation of U.S. GAAP
Net Earnings and U.S. GAAP Net Earnings Per Share to Non-U.S. GAAP
Adjusted Net Earnings and Non-U.S. GAAP Adjusted Net Earnings Per Share"
"Segment Information," "Reconciliation of U.S. GAAP Net Earnings to
Non-U.S. GAAP Total Company Adjusted EBITDA," "Components of Change in
Net Sales by Segment," "Components of Changes in Net Sales by Region,"
"Components of Organic Change in Net Sales by Segment," and "Components
of Organic Changes in Net Sales by Region." Information reconciling
forward-looking non-U.S. GAAP measures to U.S. GAAP measures is not
available without unreasonable effort.

*We have not provided guidance for the most directly comparable U.S.
GAAP financial measures, as they are not available without unreasonable
effort due to the high variability, complexity, and low visibility with
respect to certain Special Items, including gains and losses on the
disposition of businesses, the ultimate outcome of certain legal or tax
proceedings, foreign currency gains or losses resulting from the
volatile currency market in Venezuela, and other unusual gains and
losses. These items are uncertain, depend on various factors, and could
be material to our results computed in accordance with U.S. GAAP.

Forward-Looking Statements

This press release contains "forward-looking statements" within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 concerning our business, consolidated
financial condition and results of operations. Forward-looking
statements are subject to risks and uncertainties, many of which are
outside our control, which could cause actual results to differ
materially from these statements. Therefore, you should not rely on any
of these forward-looking statements. Forward-looking statements can be
identified by such words as "anticipates," "believes," "plan,"
"assumes," "could," "should," "estimates," "expects," "intends,"
"potential," "seek," "predict," "may," "will" and similar references to
future periods. All statements other than statements of historical facts
included in this press release regarding our strategies, prospects,
financial condition, operations, costs, plans and objectives are
forward-looking statements. Examples of forward-looking statements
include, among others, statements we make regarding expected future
operating results, expectations regarding the results of restructuring
and other programs, anticipated levels of capital expenditures and
expectations of the effect on our financial condition of claims,
litigation, environmental costs, contingent liabilities and governmental
and regulatory investigations and proceedings. The following are
important factors that we believe could cause actual results to differ
materially from those in our forward-looking statements: the tax
benefits associated with the Settlement agreement (as defined in our
2015 Annual Report on Form 10-K), global economic and political
conditions, changes in our credit ratings, changes in raw material
pricing and availability, changes in energy costs, competitive
conditions, the success of the separation of the Diversey Care division
and food hygiene business, the success of our restructuring activities,
currency translation and devaluation effects, the success of our
financial growth, profitability, cash generation and manufacturing
strategies and our cost reduction and productivity efforts, the success
of new product offerings, the effects of animal and food-related health
issues, pandemics, consumer preferences, environmental matters,
regulatory actions and legal matters, and the other information
referenced in the "Risk Factors" section appearing in our most recent
Annual Report on Form 10-K, as filed with the Securities and Exchange
Commission, and as revised and updated by our Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. Any forward-looking statement made
by us is based only on information currently available to us and speaks
only as of the date on which it is made. We undertake no obligation to
publicly update any forward-looking statement, whether written or oral,
that may be made from time to time, whether as a result of new
information, future developments or otherwise.

The supplementary information included in this press release for
2016 is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and Exchange
Commission.

(2)

Due to the ongoing challenging economic situation in Venezuela, the
Company approved a program in the second quarter of 2016 to cease
operations in the country. This resulted in total costs of $53.0
million being incurred which included a voluntary reduction in
headcount including severance and termination benefits for employees
of approximately $0.3 million recorded in restructuring and other
charges, depreciation and amortization expense related to fixed
assets and intangibles of approximately $4.8 million recorded in
selling, general and administrative expenses, inventory reserves of
$0.9 million recorded in costs of sales, income tax expense of $1.0
million and the release of cumulative translation adjustment of
approximately $46.0 million recorded in charges related to
Venezuelan subsidiaries.

(3)

The remaining amount of unvested cash-settled stock appreciation
rights ("SARs") fully vested on March 31, 2015. However, we will
continue to incur expense related to these SARs until the last
expiration date of these awards (February 2020). The amount of
related future expense will fluctuate based on exercise and
forfeiture activity and changes in the assumptions used in the
valuation model, including the price of Sealed Air common stock.

(4)

Based on changes to the Venezuelan currency exchange rate
mechanisms, in the first quarter of 2015, we changed the exchange
rate we used to remeasure our Venezuelan subsidiaries' financial
statements into U.S. dollars. Starting June 30, 2015 through to
December 31, 2015, we concluded that we would use the SIMADI rate to
remeasure our bolivar denominated monetary assets and liabilities
since it was our only legally available option and at that time, our
intent on a go-forward basis to utilize this market to settle any
future transactions based on the then current facts and
circumstances. As a result of this evaluation, we recorded a
remeasurement loss of $2.4 million and $33.1 million in the three
months and year ended December 31, 2015, respectively.

In the first quarter of 2016, based on further changes in the
Venezuelan exchange rate mechanisms whereby the SIMADI rate was
eliminated and replaced by the DICOM rate, we used the DICOM rate to
remeasure our bolivar denominated monetary assets and liabilities.
As a result of this evaluation, the Company reported a remeasurement
loss of less than $0.2 million and $3.4 million in the three months
and year ended December 31, 2016, respectively.

(5)

In June 2015, we issued $400.0 million of 5.5% senior notes due 2025
and €400.0 million of 4.5% senior notes due 2023 and used the net
proceeds of these notes to retire the existing $750.0 million of
8.375% senior notes due 2021. The aggregate repurchase price was
$866.0 million, which primarily included the principle amount of
$750.0 million, premium of $99.0 million and accrued interest of
$17.0 million. We recognized a total net pre-tax loss of $111.0
million in the three months ended June 30, 2015, which included the
premiums mentioned above. Also included in the loss on debt
redemption was $11.0 million of accelerated amortization of original
non-lender fees related to the 8.375% senior notes.

(6)

In April 2015, we completed the sale of our North American foam
trays and absorbent pads business for a gain of $29.2 million. In
November 2015, we completed the sale of our European food trays
business for a pre-tax loss of $13.0 million and reported an
additional loss of $1.8 million related to both divestitures in 2016.

(7)

The Company early adopted ASU 2016-09 on a prospective basis as
required, related to the recognition of excess tax benefits to the
income statement which were previously recorded in additional
paid-in capital, effective January 1, 2016. This resulted in an
additional 536,975 and 446,747 diluted weighted average number of
common shares outstanding for the three months and year ended
December 31, 2016, respectively, and recognition of excess tax
benefits of $5.7 million and $18.1 million in income tax provision
for the three months and year ended December 31, 2016, respectively.
As a result, net earnings per share increased by $0.04 per share and
$0.10 per share for the three months and year ended December 31,
2016, respectively.

(8)

Net earnings per common share are calculated under the two-class
method. See our upcoming Annual Report on Form 10-K for year ended
December 31, 2016 for more information on the two-class method.

SEALED AIR CORPORATIONSUPPLEMENTARY INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS(1)

(Unaudited)

(In millions)

December 31,2016

December 31,2015(2)

Assets

Current assets:

Cash and cash equivalents(2)

$

363.7

$

351.7

Trade receivables, net

898.7

758.4

Other receivables(2)

154.5

154.2

Inventories

659.9

660.8

Assets held for sale

3.3

10.3

Other current assets

135.2

280.3

Total current assets

2,215.3

2,215.7

Property and equipment, net(2)

1,060.3

945.7

Goodwill

2,855.6

2,909.5

Intangible assets, net

710.1

784.3

Other assets, net(2)

547.8

549.8

Total assets

$

7,389.1

$

7,405.0

Liabilities and stockholders' equity

Current liabilities:

Short-term borrowings(2)

$

92.6

$

248.2

Current portion of long-term debt

328.1

46.6

Accounts payable(2)

885.7

669.0

Other current liabilities

812.5

843.3

Total current liabilities

2,118.9

1,807.1

Long-term debt, less current portion(2)

3,938.3

4,266.8

Other liabilities(2)

722.2

804.0

Total liabilities

6,779.4

6,877.9

Stockholders' equity

609.7

527.1

Total liabilities and stockholders' equity

$

7,389.1

$

7,405.0

_______________________

(1)

The supplementary information included in this press release for
2016 is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and Exchange
Commission.

(2)

During the first quarter of 2016, the Company adopted ASU 2015-03,
Interest—Imputation of Interest (Subtopic 835-30): Simplifying the
Presentation of Debt Issuance Costs ("ASU 2015-03") and ASU 2015-15,
Interest—Imputation of Interest (Subtopic 835-30), Presentation and
Subsequent Measurement of Debt Issuance Costs Associated with
Line-of-Credit Arrangements ("ASU 2015-15"), which resulted in a
decrease in other assets of $35.9 million and a decrease in
long-term debt of $35.9 million as of December 31, 2015 on the
Condensed Consolidated Balance Sheets. Amounts have been revised to
properly reflect asset retirement obligations. This revision
resulted in an increase to property and equipment, net, as well as
other non-current liabilities of $15.0 million as of December 31,
2015. Certain amounts related to external payment terms were
misclassified in the Consolidated Balance Sheet. The revision of
this item resulted in a decrease in accounts payable and an increase
in short term borrowings of $6.3 million as of December 31, 2015.
Additionally, due to changes in the accounting treatment of a
factoring agreement the Company reclassified $6.7 million from cash
and cash equivalents to other receivables as of December 31, 2015.

CALCULATION OF NET DEBT (1)

December 31,2016

December 31,2015(2)

Short-term borrowings

$

92.6

$

248.2

Current portion of long-term debt

328.1

46.6

Long-term debt, less current portion

3,938.3

4,266.8

Total debt

4,359.0

4,561.6

Less: cash and cash equivalents

(363.7

)

(351.7

)

Net debt

$

3,995.3

$

4,209.9

_______________________

(1)

The supplementary information included in this press release for
2016 is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and Exchange
Commission.

(2)

During the first quarter of 2016, the Company adopted ASU 2015-03 &
ASU 2015-15 which resulted in a decrease in other assets of $35.9
million and a decrease in long-term debt of $35.9 million as of
December 31, 2015 on the Condensed Consolidated Balance Sheets.

The supplementary information included in this press release for
2016 is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and Exchange
Commission.

(2)

2016 primarily consists of depreciation and amortization of $214
million, share based compensation expense of $60 million, profit
sharing expense of $25 million, charges related to ceasing
operations in Venezuela of $46 million, a remeasurement loss of $3
million and gain on sale of businesses of $2 million. 2015 primarily
consists of loss on bond redemption of $110 million, depreciation
and amortization of $213 million, share-based compensation expense
of $61 million, and a remeasurement loss of $33 million partially
offset by a gain on sale of business of $25 million.

(3)

During the first quarter of 2015, the Company received the tax
refund of $235 million related to the payment of funds in connection
with the Settlement agreement payment.

(4)

The Company early adopted ASU 2016-09 on a retrospective basis
related to the classification of excess tax benefits on the
Statement of Cash Flows, effective January 1, 2016, which resulted
in an increase in operating cash flow of $6.8 million and a decrease
in financing activities of $6.8 million for the year ended December
31, 2016 and an increase in operating cash flow of $13.1 million and
a decrease in financing activities of $13.1 million for the year
ended December 31, 2015.

(5)

Free cash flow does not represent residual cash available for
discretionary expenditures, including mandatory debt servicing
requirements or non-discretionary expenditures that are not deducted
from this measure.

SEALED AIR CORPORATION

SUPPLEMENTARY INFORMATION

RECONCILIATION OF U.S. GAAP NET EARNINGS AND U.S. GAAP NET
EARNINGS PER COMMON SHARE TO

The supplementary information included in this press release for
2016 is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and Exchange
Commission.

(2)

Net earnings per common share is calculated under the two-class
method.

(3)

Special Items include the following:

Three Months Ended

December 31,

Year Ended

December 31,

2016

2015

2016

2015

Special Items:

Restructuring and other charges(1)

$

(9.7

)

$

(10.3

)

$

(12.9

)

$

(78.3

)

Other restructuring associated costs included in cost of sales and

selling, general and administrative expenses

(10.7

)

(10.7

)

(28.0

)

(42.9

)

SARs

—

0.2

0.1

(3.9

)

Foreign currency exchange loss related to Venezuelan

subsidiaries

(0.2

)

(2.4

)

(3.4

)

(33.1

)

Charges related to ceasing operations in Venezuela(1)

—

—

(52.1

)

—

Loss on debt redemption and refinancing activities

—

0.7

(0.1

)

(110.0

)

(Loss) gain on sale of North American foam trays and absorbent

pads business and European food trays business

(0.2

)

(15.3

)

(1.8

)

13.4

(Loss) gain related to the sale of other businesses,

investments and property, plant and equipment

(0.1

)

2.1

(1.6

)

11.1

Charges incurred related to pursuit of strategic alternatives for

New Diversey

(6.7

)

—

(6.7

)

—

Other Special Items(2)

2.0

(2.1

)

1.3

(2.5

)

Pre-tax impact of Special Items

(25.6

)

(37.8

)

(105.2

)

(246.2

)

Tax impact of Special Items and Tax Special Items(1)(3)

47.1

10.2

65.2

45.5

Net impact of Special Items

$

21.5

$

(27.6

)

$

(40.0

)

$

(200.7

)

Weighted average number of common shares outstanding – Diluted

196.2

198.4

197.2

206.7

Earnings per share impact from Special Items

$

0.11

$

(0.14

)

$

(0.20

)

$

(0.97

)

_______________________

(1)

Due to the ongoing challenging economic situation in Venezuela, the
Company approved a program in the second quarter of 2016 to cease
operations in the country. Refer to note 2 on the Condensed
Consolidated Statement of Operations above.

(2)

Other Special Items for the year ended December 31, 2016 primarily
included a reduction in a non-income tax reserve following the
completion of a governmental audit partially offset by legal fees
associated with restructuring and acquisitions. Other Special Items
for the year ended December 31, 2015 primarily included legal fees
associated with restructuring and acquisitions.

(3)

Refer to Note 1 to the table below for a description of Special
Items related to tax.

The calculation of the non-U.S. GAAP Adjusted income tax rate is
as follows:

Three Months Ended

December 31,

Year Ended

December 31,

2016

2015

2016

2015

U.S. GAAP Earnings before income tax provision

$

157.8

$

125.7

$

565.9

$

425.9

Pre-tax impact of Special Items

(25.6

)

(37.8

)

(105.2

)

(246.2

)

Non-U.S. GAAP Adjusted Earnings before income tax provision

$

183.4

$

163.5

$

671.1

$

672.1

U.S. GAAP Income tax (benefit) provision

$

(13.3

)

$

2.2

$

79.5

$

90.5

Tax Special Items(1)

32.6

(1.8

)

48.5

(17.0

)

Tax impact of Special Items

14.5

12.0

16.7

62.5

Non-U.S. GAAP Adjusted Income tax provision

$

33.8

$

12.4

$

144.7

$

136.0

U.S. GAAP Effective income tax rate

-8.4

%

1.8

%

14.0

%

21.2

%

Non-U.S. GAAP Adjusted income tax rate

18.4

%

7.6

%

21.6

%

20.2

%

_______________________

(1)

For the three months and year ended December 31, 2016, the Tax
Special Items including the release of certain tax reserves and
valuation allowances recorded at the time of the Diversey Holdings,
Inc. acquisition, for which the statute of limitations had expired
or which had been settled. For the year ended December 31, 2015, the
Tax Special Items included a tax reserve related to the tax refund
received on the Settlement agreement, which was partially offset by
the release of certain tax reserves recorded at the time of the
Diversey Holdings, Inc. acquisition, for which the statute of
limitations had expired and the Grace settlement.

SEALED AIR CORPORATION

SUPPLEMENTARY INFORMATION

SEGMENT INFORMATION(1)

(Unaudited)

(In millions)

Three Months Ended

Year Ended

December 31,

%Change

December 31,

%Change

2016

2015(2)

2016

2015(2)

Net Sales:

Food Care

$

840.5

$

842.3

(0.2

)%

$

3,222.1

$

3,405.1

(5.4

)%

As a % of Total Company net sales

48.2

%

48.0

%

47.5

%

48.4

%

Diversey Care

492.5

494.4

(0.4

)%

1,963.2

1,999.1

(1.8

)%

As a % of Total Company net sales

28.2

%

28.2

%

29.0

%

28.4

%

Product Care

393.7

400.5

(1.7

)%

1,523.7

1,553.6

(1.9

)%

As a % of Total Company net sales

22.6

%

22.8

%

22.5

%

22.1

%

Other

17.4

16.7

4.2

%

69.3

73.7

(6.0

)%

Total Company Net Sales

$

1,744.1

$

1,753.9

(0.6

)%

$

6,778.3

$

7,031.5

(3.6

)%

Three Months Ended

Year Ended

December 31,

%Change

December 31,

%Change

2016

2015(2)

2016

2015(2)

Adjusted EBITDA:

Food Care

$

178.0

$

157.2

13.2

%

$

661.1

$

689.8

(4.2

)%

Adjusted EBITDA Margin

21.2

%

18.7

%

20.5

%

20.3

%

Diversey Care

64.2

55.4

15.9

%

251.3

231.9

8.4

%

Adjusted EBITDA Margin

13.0

%

11.2

%

12.8

%

11.6

%

Product Care

87.7

86.2

1.7

%

331.8

324.1

2.4

%

Adjusted EBITDA Margin

22.3

%

21.5

%

21.8

%

20.9

%

Other

(25.5

)

(16.5

)

54.5

%

(87.2

)

(71.7

)

21.6

%

Non-U.S. GAAP Total Company

Adjusted EBITDA

$

304.4

$

282.3

7.8

%

$

1,157.0

$

1,174.1

(1.5

)%

Adjusted EBITDA Margin

17.5

%

16.1

%

17.1

%

16.7

%

_______________________

(1)

The supplementary information included in this press release for
2016 is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and Exchange
Commission.

(2)

As of January 1, 2016, our Kevothermal business was moved from Other
to our Product Care Segment. This resulted in a reclassification of
$2.8 million of net sales and $0.8 million of adjusted EBITDA for
the three months ended December 31, 2015 and $13.1 million of net
sales and $3.1 million of adjusted EBITDA for the year ended
December 31, 2015.

SEALED AIR CORPORATION

SEGMENT INFORMATION – CONTINUED

SUPPLEMENTARY INFORMATION(1)

RECONCILIATION OF U.S. GAAP NET EARNINGS TO

NON-U.S. GAAP TOTAL COMPANY ADJUSTED EBITDA

(Unaudited)

(In millions)

Three Months EndedDecember 31,

Year EndedDecember 31,

2016

2015

2016

2015

U.S. GAAP net income

$

171.1

$

123.5

$

486.4

$

335.4

Interest expense

(51.3

)

(55.4

)

(213.1

)

(227.7

)

Income tax provision(2)

(13.3

)

2.2

79.5

90.5

Depreciation and amortization(5)

(70.2

)

(63.4

)

(278.2

)

(274.5

)

Depreciation and amortization adjustments(2)(3)

0.5

—

5.4

0.2

Special Items:

Restructuring and other charges(2)(6)

(9.7

)

(10.3

)

(12.9

)

(78.3

)

Other restructuring associated costs included in cost of

sales and selling, general and administrative expenses

(10.7

)

(10.7

)

(28.0

)

(42.9

)

SARs

—

0.2

0.1

(3.9

)

Foreign currency exchange loss related to

Venezuelan subsidiaries

(0.2

)

(2.4

)

(3.4

)

(33.1

)

Charges related to ceasing operations in Venezuela(2)

—

—

(52.1

)

—

Loss on debt redemption and refinancing activities

—

0.7

(0.1

)

(110.0

)

(Loss) gain on sale of North America foam trays and absorbent

pads business and European food trays business

(0.2

)

(15.3

)

(1.8

)

13.4

(Loss) gain related to the sale of other businesses,

investments and property, plant and equipment

(0.1

)

2.1

(1.6

)

11.1

Charges incurred related to pursuit of strategic alternatives for

New Diversey

(6.7

)

—

(6.7

)

—

Other(4)

2.0

(2.1

)

1.3

(2.5

)

Pre-tax impact of Special Items

(25.6

)

(37.8

)

(105.2

)

(246.2

)

Non-U.S. GAAP Total Company Adjusted EBITDA

$

304.4

$

282.3

$

1,157.0

$

1,174.1

_______________________

(1)

The supplementary information included in this press release for
2016 is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and Exchange
Commission.

(2)

Due to the ongoing challenging economic situation in Venezuela, the
Company approved a program in the second quarter of 2016 to cease
operations in the country. Refer to note 2 on the Condensed
Consolidated Statement of Operations above.

(3)

This includes accelerated depreciation of non-strategic assets
related to restructuring programs which were $0.5 million and $0.6
million for the three months and year ended December 31, 2016.

(4)

Other Special Items for the three months and year ended December 31,
2016 primarily included a reduction in a non-income tax reserve
following the completion of a governmental audit partially offset by
legal fees associated with restructuring and acquisitions. Other
Special Items for the three months and year ended December 31, 2015
primarily included legal fees associated with restructuring and
acquisitions.

(5)

Depreciation and amortization by segment are as follows:

Three Months EndedDecember 31,

Year EndedDecember 31,

2016

2015

2016

2015

Food Care

$

26.5

$

26.1

$

102.4

$

107.9

Diversey Care

22.7

28.5

94.6

105.5

Product Care

11.5

8.6

40.1

37.4

Other

9.5

0.2

41.1

23.7

Total Company depreciation and amortization(1)

$

70.2

$

63.4

$

278.2

$

274.5

_______________________

(1)

Includes share-based incentive compensation of $16.1 million and
$62.9 million for the three months and year ended December 31, 2016
and $12.1 million and $61.2 million for the three months and year
ended December 31, 2015, respectively.

(6)

Restructuring and other charges by segment is as follows:

Three Months EndedDecember 31,

Year EndedDecember 31,

2016

2015

2016

2015

Food Care

$

4.7

$

8.4

$

6.2

$

37.9

Diversey Care

2.8

(3.3

)

3.7

22.2

Product Care

2.2

4.6

2.9

17.2

Other

—

0.6

0.1

1.0

Total Company restructuring and other charges(1)

$

9.7

$

10.3

$

12.9

$

78.3

_______________________

(1)

For the year ended December 31, 2016, restructuring and other
charges excludes $0.3 million related to severance and termination
benefits for employees in our Venezuelan subsidiaries.

SEALED AIR CORPORATION

SUPPLEMENTARY INFORMATION

COMPONENTS OF CHANGE IN NET SALES BY SEGMENT(1)

Three Months Ended December 31, (Unaudited)

(In millions)

Food Care

Diversey Care

Product Care(5)

Other(5)

Total

Company

2015 Net Sales

$

842.3

$

494.4

$

400.5

$

16.7

$

1,753.9

Volume - Units

16.7

2.0

%

1.8

0.4

%

6.0

1.5

%

1.7

10.2

%

26.2

1.5

%

Price/mix(2)

6.0

0.7

%

12.1

2.4

%

(8.0

)

(2.0

)

%

(1.0

)

(6.0

)

%

9.1

0.5

%

Divestitures

(5.0

)

(0.6

)

%

—

—

%

—

—

%

—

—

%

(5.0

)

(0.3

)

%

Total constant dollar change (Non-U.S. GAAP)(3)

17.7

2.1

%

13.9

2.8

%

(13.8

)

(0.5

)

%

0.7

4.2

%

30.3

1.7

%

Foreign currency translation

(19.5

)

(2.3

)

%

(15.8

)

(3.2

)

%

(4.8

)

(1.2

)

%

—

—

%

(40.1

)

(2.3

)

%

Total change (U.S. GAAP)

(1.8

)

(0.2

)

%

(1.9

)

(0.4

)

%

(6.8

)

(1.7

)

%

0.7

4.2

%

(9.8

)

(0.6

)

%

2016 Net Sales

$

840.5

$

492.5

$

393.7

$

17.4

$

1,744.1

COMPONENTS OF ORGANIC CHANGE IN NET SALES BY SEGMENT(1)

Three Months Ended December 31, (Unaudited)

(In millions)

Food Care

Diversey Care

Product Care(5)

Other(5)

Total

Company

2015 Net Sales

$

842.3

$

494.4

$

400.5

$

16.7

$

1,753.9

Less: Divestitures

(5.0

)

—

—

—

(5.0

)

2015 Net Sales, Excluding Divestitures (Non-US GAAP)

837.3

494.4

400.5

16.7

1,748.9

Volume - Units

16.7

2.0

%

1.8

0.4

%

6.0

1.5

%

1.7

10.2

%

26.2

1.5

%

Price/mix(2)

6.0

0.7

%

12.1

2.4

%

(8.0

)

(2.0

)

%

(1.0

)

(6.0

)

%

9.1

0.5

%

Total Organic change (Non-US GAAP)(4)

22.7

2.7

%

13.9

2.8

%

(2.0

)

(0.5

)

%

0.7

4.2

%

35.3

2.0

%

Foreign Currency Translation

(19.5

)

(2.3

)

%

(15.8

)

(3.2

)

%

(4.8

)

(1.2

)

%

—

—

%

(40.1

)

(2.3

)

%

Total change (Non-US GAAP)

3.2

0.4

%

(1.9

)

(0.3

)

%

(6.8

)

(1.7

)

%

0.7

4.2

%

(4.8

)

(0.3

)

%

2016 Net Sales

$

840.5

$

492.5

$

393.7

$

17.4

$

1,744.1

_______________________

(1)

The supplementary information included in this press release for
2016 is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and Exchange
Commission.

(2)

Our price/mix reported above includes the net impact of our pricing
actions and rebates as well as the period-to-period change in the
mix of products sold. Also included in our reported price/mix is the
net effect of some of our customers purchasing our products in
non-U.S. dollar or euro denominated countries at selling prices
denominated in U.S. dollars or euros. This primarily arises when we
export products from the U.S. and euro-zone countries.

(3)

Total constant dollar change is a non-U.S. GAAP financial measure
which excludes the impact of foreign currency translation. Since we
are a U.S. domiciled company, we translate our
foreign-currency-denominated financial results into U.S. dollars.
Due to changes in the value of foreign currencies relative to the
U.S. dollar, translating our financial results from foreign
currencies to U.S. dollars may result in a favorable or unfavorable
impact. It is important that we take into account the effects of
foreign currency translation when we view our results and plan our
strategies. Nonetheless, we cannot control changes in foreign
currency exchange rates. Consequently, when our management looks at
our financial results to measure the core performance of our
business, we exclude the impact of foreign currency translation by
translating our current period results at prior period foreign
currency exchange rates. We also may exclude the impact of foreign
currency translation when making incentive compensation
determinations. As a result, our management believes that these
presentations are useful internally and may be useful to our
investors.

(4)

Total organic change is a non-U.S. GAAP financial measure which
excludes the impact of foreign currency translation, as discuss more
fully in the footnote above, as well as divestitures.

(5)

As of January 1, 2016, our Kevothermal business was moved from Other
to our Product Care Segment. This resulted in a reclassification of
$2.8 million of net sales for the three months ended December 31,
2015.

SEALED AIR CORPORATION

SUPPLEMENTARY INFORMATION

COMPONENTS OF CHANGE IN NET SALES BY SEGMENT(1)

Year Ended December 31, (Unaudited)

(In millions)

Food Care

Diversey Care

Product Care(5)

Other(5)

Total

2015 Net Sales

$

3,405.1

$

1,999.1

$

1,553.6

$

73.7

$

7,031.5

Volume - Units

34.5

1.0

%

(3.4

)

(0.2

)%

21.3

1.4

%

(2.5

)

(3.4

)%

49.9

0.6

%

Price/mix(2)

26.1

0.8

%

44.3

2.2

%

(29.2

)

(1.9

)%

(0.2

)

(0.3

)%

41.0

0.6

%

Divestitures

(101.6

)

(3.0

)%

—

—

%

—

—

%

—

—

%

(101.6

)

(1.4

)%

Total constant dollar change (Non-U.S. GAAP)(3)

(41.0

)

(1.2

)%

40.9

2.0

%

(7.9

)

(0.5

)%

(2.7

)

(3.7

)%

(10.7

)

(0.2

)%

Foreign currency translation

(142.0

)

(4.2

)%

(76.8

)

(3.8

)%

(22.0

)

(1.4

)%

(1.7

)

(2.3

)%

(242.5

)

(3.4

)%

Total change (U.S. GAAP)

(183.0

)

(5.4

)%

(35.9

)

(1.8

)%

(29.9

)

(1.9

)%

(4.4

)

(6.0

)%

(253.2

)

(3.6

)%

2016 Net Sales

$

3,222.1

$

1,963.2

$

1,523.7

$

69.3

$

6,778.3

COMPONENTS OF ORGANIC CHANGE IN NET SALES BY SEGMENT(1)

Year Ended December 31, (Unaudited)

(In millions)

Food Care

Diversey Care

Product Care(5)

Other(5)

Total

Company

2015 Net Sales

$

3,405.1

$

1,999.1

$

1,553.6

$

73.7

$

7,031.5

Less: Divestitures

(101.6

)

—

—

—

(101.6

)

2015 Net Sales, Excluding Divestitures (Non-US GAAP)

3,303.5

1,999.1

1,553.6

73.7

6,929.9

Volume - Units

34.5

1.0

%

(3.4

)

(0.2

)%

21.3

1.4

%

(2.5

)

(3.4

)%

49.9

0.7

%

Price/mix(2)

26.1

0.8

%

44.3

2.2

%

(29.2

)

(1.9

)%

(0.2

)

(0.3

)%

41.0

0.6

%

Total Organic change (Non-US GAAP)(4)

60.6

1.8

%

40.9

2.0

%

(7.9

)

(0.5

)%

(2.7

)

(3.7

)%

90.9

1.3

%

Foreign Currency Translation

(142.0

)

(4.2

)%

(76.8

)

(3.8

)%

(22.0

)

(1.4

)%

(1.7

)

(2.3

)%

(242.5

)

(3.5

)%

Total change (Non-US GAAP)

(81.4

)

(2.4

)%

(35.9

)

(1.8

)%

(29.9

)

(1.9

)%

(4.4

)

(6.0

)%

(151.6

)

(2.2

)%

2016 Net Sales

$

3,222.1

$

1,963.2

$

1,523.7

$

69.3

$

6,778.3

_______________________

(1)

The supplementary information included in this press release for
2016 is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and Exchange
Commission.

(2)

Our price/mix reported above includes the net impact of our pricing
actions and rebates as well as the period-to-period change in the
mix of products sold. Also included in our reported price/mix is the
net effect of some of our customers purchasing our products in
non-U.S. dollar or euro denominated countries at selling prices
denominated in U.S. dollars or euros. This primarily arises when we
export products from the U.S. and euro-zone countries.

(3)

Total constant dollar change is a non-U.S. GAAP financial measure
which excludes the impact of foreign currency translation. Since we
are a U.S. domiciled company, we translate our
foreign-currency-denominated financial results into U.S. dollars.
Due to changes in the value of foreign currencies relative to the
U.S. dollar, translating our financial results from foreign
currencies to U.S. dollars may result in a favorable or unfavorable
impact. It is important that we take into account the effects of
foreign currency translation when we view our results and plan our
strategies. Nonetheless, we cannot control changes in foreign
currency exchange rates. Consequently, when our management looks at
our financial results to measure the core performance of our
business, we exclude the impact of foreign currency translation by
translating our current period results at prior period foreign
currency exchange rates. We also may exclude the impact of foreign
currency translation when making incentive compensation
determinations. As a result, our management believes that these
presentations are useful internally and may be useful to our
investors.

(4)

The total organic change excludes the impact of foreign currency
translation and divestitures. These items are considered non-U.S.
GAAP financial measures.

(5)

As of January 1, 2016, our Kevothermal business was moved from
Other to our Product Care Segment. This resulted in a
reclassification of $13.1 million of net sales for the year ended
December 31, 2015.

SEALED AIR CORPORATION

SUPPLEMENTARY INFORMATION

COMPONENTS OF CHANGE IN NET SALES BY REGION(1)

Three Months Ended December 31, (Unaudited)

(In millions)

North America

EMEA(2)

Latin America

APAC(3)

Total

2015 Net Sales

$

720.7

$

606.6

$

171.1

$

255.5

$

1,753.9

Volume - Units

30.1

4.2

%

(4.4

)

(0.7

)%

(4.2

)

(2.5

)

%

4.7

1.8

%

26.2

1.5

%

Price/mix(4)

(20.7

)

(2.9

)%

7.6

1.3

%

23.5

13.7

%

(1.3

)

(0.5

)

%

9.1

0.5

%

Divestitures

—

—

%

(5.0

)

(0.8

)%

—

—

%

—

—

%

(5.0

)

(0.3

)%

Total constant dollar change (Non-U.S. GAAP)(5)

9.4

1.3

%

(1.8

)

(0.2

)%

19.3

11.2

%

3.4

1.3

%

30.3

1.7

%

Foreign currency translation

0.1

—

%

(28.0

)

(4.7

)%

(15.4

)

(9.0

)

%

3.2

1.3

%

(40.1

)

(2.3

)%

Total change (U.S. GAAP)

9.5

1.3

%

(29.8

)

(4.9

)%

3.9

2.2

%

6.6

2.6

%

(9.8

)

(0.6

)%

2016 Net Sales

$

730.2

$

576.8

$

175.0

$

262.1

$

1,744.1

COMPONENTS OF ORGANIC CHANGE IN NET SALES BY REGION(1)

Three Months Ended December 31, (Unaudited)

(In millions)

North America

EMEA(2)

Latin America

APAC(3)

Total

2015 Net Sales

$

720.7

$

606.6

$

171.1

$

255.5

$

1,753.9

Less: Divestitures

—

(5.0

)

—

—

(5.0

)

2015 Net Sales, Excluding Divestitures (Non-US GAAP)

720.7

601.6

171.1

255.5

1,748.9

Volume - Units

30.1

4.2

%

(4.4

)

(0.7

)%

(4.2

)

(2.5

)

%

4.7

1.8

%

26.2

1.5

%

Price/mix(4)

(20.7

)

(2.9

)%

7.6

1.3

%

23.5

13.7

%

(1.3

)

(0.5

)

%

9.1

0.5

%

Total Organic change (Non-US GAAP)(6)

9.4

1.3

%

3.2

0.6

%

19.3

11.2

%

3.4

1.3

%

35.3

2.0

%

Foreign Currency Translation

0.1

—

%

(28.0

)

(4.7

)%

(15.4

)

(9.0

)

%

3.2

1.3

%

(40.1

)

(2.3

)%

Total change (Non-US GAAP)

9.5

1.3

%

(24.8

)

(4.1

)%

3.9

2.2

%

6.6

2.6

%

(4.8

)

(0.3

)%

2016 Net Sales

$

730.2

$

576.8

$

175.0

$

262.1

$

1,744.1

___________________

(1)

The supplementary information included in this press release for
2016 is preliminary and subject to change prior to the filing of our
upcoming Annual Report on Form 10-K with the Securities and Exchange
Commission.

Our price/mix reported above includes the net impact of our pricing
actions and rebates as well as the period-to-period change in the
mix of products sold. Also included in our reported price/mix is the
net effect of some of our customers purchasing our products in
non-U.S. dollar or euro denominated countries at selling prices
denominated in U.S. dollars or euros. This primarily arises when we
export products from the U.S. and euro-zone countries.

(5)

Total constant dollar change is a non-U.S. GAAP financial measure
which excludes the impact of foreign currency translation. Since we
are a U.S. domiciled company, we translate our
foreign-currency-denominated financial results into U.S. dollars.
Due to changes in the value of foreign currencies relative to the
U.S. dollar, translating our financial results from foreign
currencies to U.S. dollars may result in a favorable or unfavorable
impact. It is important that we take into account the effects of
foreign currency translation when we view our results and plan our
strategies. Nonetheless, we cannot control changes in foreign
currency exchange rates. Consequently, when our management looks at
our financial results to measure the core performance of our
business, we exclude the impact of foreign currency translation by
translating our current period results at prior period foreign
currency exchange rates. We also may exclude the impact of foreign
currency translation when making incentive compensation
determinations. As a result, our management believes that these
presentations are useful internally and may be useful to our
investors.

(6)

The total organic change excludes the impact of foreign currency
translation and divestitures. These items are considered non-U.S.
GAAP financial measures.

SEALED AIR CORPORATION

SUPPLEMENTARY INFORMATION

COMPONENTS OF CHANGE IN NET SALES BY REGION(1)

Year Ended December 31, (Unaudited)

(In millions)

North America

EMEA(2)

Latin America

APAC(3)

Total

2015 Net Sales

$

2,923.2

$

2,410.4

$

695.8

$

1,002.1

$

7,031.5

Volume - Units

73.2

2.5

%

10.7

0.4

%

(31.2

)

(4.5

)

%

(2.8

)

(0.3

)

%

49.9

0.6

%

Price/mix(4)

(81.5

)

(2.8

)

%

24.2

1.0

%

96.2

13.8

%

2.1

0.2

%

41.0

0.6

%

Divestitures

(52.9

)

(1.8

)

%

(48.7

)

(2.0

)

%

—

—

%

—

—

%

(101.6

)

(1.4

)

%

Total constant dollar change (Non-U.S. GAAP)(5)

(61.2

)

(2.1

)

%

(13.8

)

(0.6

)

%

65.0

9.3

%

(0.7

)

(0.1

)

%

(10.7

)

(0.2

)

%

Foreign currency translation

(9.2

)

(0.3

)

%

(94.1

)

(3.9

)

%

(119.7

)

(17.2

)

%

(19.5

)

(1.9

)

%

(242.5

)

(3.4

)

%

Total change (U.S. GAAP)

(70.4

)

(2.4

)

%

(107.9

)

(4.5

)

%

(54.7

)

(7.9

)

%

(20.2

)

(2.0

)

%

(253.2

)

(3.6

)

%

2016 Net Sales

$

2,852.8

$

2,302.5

$

641.1

$

981.9

$

6,778.3

COMPONENTS OF ORGANIC CHANGE IN NET SALES BY REGION(1)

Year Ended December 31, (Unaudited)

(In millions)

North America

EMEA(2)

Latin America

APAC(3)

Total

2015 Net Sales

$

2,923.2

$

2,410.4

$

695.8

$

1,002.1

$

7,031.5

Less: Divestitures

(52.9

)

(48.7

)

—

—

(101.6

)

2015 Net Sales, Excluding Divestitures (Non-US GAAP)

2,870.3

2,361.7

695.8

1,002.1

6,929.9

Volume - Units

73.2

2.5

%

10.7

0.5

%

(31.2

)

(4.5

)

%

(2.8

)

(0.3

)

%

49.9

0.7

%

Price/mix(4)

(81.5

)

(2.8

)

%

24.2

1.0

%

96.2

13.8

%

2.1

0.2

%

41.0

0.6

%

Total Organic change (Non-US GAAP)(6)

(8.3

)

(0.3

)

%

34.9

1.5

%

65.0

9.3

%

(0.7

)

(0.1

)

%

90.9

1.3

%

Foreign Currency Translation

(9.2

)

(0.3

)

%

(94.1

)

(4.0

)

%

(119.7

)

(17.2

)

%

(19.5

)

(1.9

)

%

(242.5

)

(3.5

)

%

Total change (Non-US GAAP)

(17.5

)

(0.6

)

%

(59.2

)

(2.5

)

%

(54.7

)

(7.9

)

%

(20.2

)

(2.0

)

%

(151.6

)

(2.2

)

%

2016 Net Sales

$

2,852.8

$

2,302.5

$

641.1

$

981.9

$

6,778.3

___________________

(1)

The supplementary information included in this press release for
2016 is preliminary and subject to change prior to the filing of our
upcoming Quarterly Report on Form 10-K with the Securities and
Exchange Commission.

Our price/mix reported above includes the net impact of our pricing
actions and rebates as well as the period-to-period change in the
mix of products sold. Also included in our reported price/mix is the
net effect of some of our customers purchasing our products in
non-U.S. dollar or euro denominated countries at selling prices
denominated in U.S. dollars or euros. This primarily arises when we
export products from the U.S. and euro-zone countries.

(5)

Total constant dollar change is a non-U.S. GAAP financial measure
which excludes the impact of foreign currency translation. Since we
are a U.S. domiciled company, we translate our
foreign-currency-denominated financial results into U.S. dollars.
Due to changes in the value of foreign currencies relative to the
U.S. dollar, translating our financial results from foreign
currencies to U.S. dollars may result in a favorable or unfavorable
impact. It is important that we take into account the effects of
foreign currency translation when we view our results and plan our
strategies. Nonetheless, we cannot control changes in foreign
currency exchange rates. Consequently, when our management looks at
our financial results to measure the core performance of our
business, we exclude the impact of foreign currency translation by
translating our current period results at prior period foreign
currency exchange rates. We also may exclude the impact of foreign
currency translation when making incentive compensation
determinations. As a result, our management believes that these
presentations are useful internally and may be useful to our
investors.

(6)

The total organic change excludes the impact of foreign currency
translation and divestitures. These items are considered non-U.S.
GAAP financial measures.